Stephan Livera Podcast Decentralizing Bitcoin Mining with P2Pool V2 with Jungly | SLP690
Sep 6, 2025
Jungly delves into the groundbreaking P2Pool V2, which aims to decentralize Bitcoin mining. He explores innovations like sharechains and atomic swaps for non-custodial payouts. The importance of community involvement and technical transparency is emphasized to ensure the project's success. Comparisons to other mining protocols highlight the enhancements P2Pool V2 brings. The discussion also touches on the need for developer engagement to build trust in this system, ultimately creating a more accessible and efficient mining ecosystem.
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Academic Roots And Early Influences
- Jungly describes discovering Bitcoin and applying his distributed-systems PhD background to mining decentralization.
- He credits Bob McIlrath and Chris Belcher as early inspirations for his P2Pool work.
Sharechain Records Work Transparently
- P2Pool created a decentralized share chain of weak Bitcoin blocks to record miner work transparently.
- That sharechain allowed payouts by encoding proportions directly into the coinbase outputs of share blocks.
Coinbase Output Limit Caps Scale
- Coinbase outputs limit the number of miners P2Pool can scale to because each miner's payout consumes block space.
- High fees and limited coinbase outputs made classic P2Pool unscalable past a few hundred miners.